Noah Holdings Q4 2025 Financial Results: Net Revenues Up 12.5% YoY, Income from Operations Up 87.3% YoY.

Noah Holdings reported Q4 2025 net revenues of RMB733.2m ($104.9m), a 12.5% increase YoY, driven by growth in performance-based income from overseas private equity products. Income from operations increased 87.3% YoY to RMB257.7m ($36.9m), while net income attributable to Noah shareholders decreased 88.3% YoY to RMB12.8m ($1.8m) due to a rise in losses from fair value changes in underlying investments. Non-GAAP net income fell 81.1% YoY to RMB25.1m ($3.6m).